Ridesharing Industry Statistics By Market Size, Revenue, Region, Apps, Services, Rates Of Violence And Monthly Sales Per Customer
Saisuman Revankar
Updated · Nov 15, 2024
WHAT WE HAVE ON THIS PAGE
- Introduction
- Editor’s Choice
- Ride Sharing Market Size
- Ride Sharing And Taxi Revenue
- Ridesharing Industry Statistics By Region
- Ridesharing Digital Service Apps
- Leading Mobility Services
- Rates Of Violence Experienced By U.S. Ride-Share Drivers
- Rideshare Monthly Sales Per Customer
- Challenges And Opportunities
- Conclusion
Introduction
Ridesharing Industry Statistics: The year 2024 has seen a rise in the use of ridesharing services thanks to the growth of the on-demand economy. Ridesharing activities have disrupted local commuting patterns and mobility as a whole. Entrepreneurs and companies such as Uber, Lyft, and Didi have also adapted to the contemporary demand by reinvesting in their services, among other things, driving the focus further on ease, cost, and availability.
This paper discusses the ridesharing industry statistics in 2024 based on the key issues of the years, industry dynamics, and highlights of customer structure in detail.
Editor’s Choice
- Ridesharing industry statistics reveal that by the end of the year 2023, nearly 1.4 billion people actively participated in ridesharing services – this amount grew by 12% when compared to the previous year.
- Ridesharing has become so popular that in cities in the U.S., 60% of people use the services daily, once a week.
- Rideshare companies’ fleets currently consist of 15% of electric cars all around the world, which is 5% more than in 2023.
- Uber and Lyft have a combined market share of 65% in ridesharing in the United States. Hinge’s average price increased by 7% due to surging fuel expenses and inflationary pressures as of 2024.
- Also, 90% of the ridesharing consumers are opposed to calling or waving for taxis, as they all prefer hailing the cabs via the app, and by the year 2024, it is expected that 50% of the ridesharing trips will be pooled.
- On top of that, many enhanced driver’s rights policies were implemented in 20 countries, creating a ripple effect on the whole economy.
- Ridesharing industry statistics anticipate that the bracket will expand considerably, in direct correlation to the users of the particular system, with the number of users expected to reach 2.31 billion in 2029.
- The user penetration rate is likely to stand at 23.1% in the year 2024 and increase to 28.6% in 2029. The average revenue per user is $93.59.
- The entirety of the ride-hailing market is based on the internet. China is expected to be the largest market for ride-hailing services, with expected revenues of $59.56 billion by the year 2024.
- In the year 2022, roughly 36% of Americans took part in the activity known as ridesharing. The main players in this segment are ridesharing companies such as Uber and Lyft.
- Ridesharing industry statistics show that by December 2022, the North American ridesharing sector is estimated to have expanded by about 68% and was valued at 13.6 billion dollars.
- As for the US, Uber led the market share of ridesharing services with 71%, whilst Lyft had 29%. It is expected, however, that the ridesharing market will hit $185.1 billion by the year 2026.
- As of 2022, ridesharing applications accounted for around 26% of monthly usage. This sector consists mainly of the taxi and the ride-hailing transportation.
- The revenue of the rideshare industry in America is projected to be $ 71.78 billion in the year 2023. However, it will grow by an annual growth rate of 1.07%.
- In the same year, the ride-hailing industry in the United States is expected to bring in $49.78 billion, while taxi services will make $23.14 billion.
Ride Sharing Market Size
(Reference: statista.com)
- Ridesharing industry statistics project that the global market for ride-sharing services will increase progressively over the next five years, reaching over 40%.
- By 2028, the market value for the ride-sharing services will be approximately $216 billion. Uber, Lyft, and DiDi are some of the prominent players in the market.
- There are numerous fundamental aspects of this market growth.
- Young consumers have particularly turned to embracing the spending cost of riding public transport rather than buying their cars.
- On the other hand, due to the high costs of owning cars most of the time, the ride-sharing service is anticipated to thrive in regions with high car use costs and traffic congestion, putting less value on personal cars.
- Another factor that has enhanced the growth of the ride-sharing industry is the high penetration of smartphones, where mobility apps have been more popular in developing countries such as India and China.
- This indicates that these areas, the majority of which are in China, will make a significant contribution towards the development of the mobility services business.
- Nevertheless, certain geographical areas may prove problematic to the business community due to advanced public transportation systems where people prefer to use trains, buses, etc., combined with the well-functioning public transport infrastructure.
- For example, in Europe, the most promising areas of development include urban mobility platforms that integrate private and public modes of transport, including a mixture of shared mobility and individual travel patterns.
- Most simply, shared mobility is car sharing and ride sharing, which are components of the wider transport ecosystem. The social interaction with anyone while using a car due to ride-sharing services is minimal compared to that if one were to hire out the same vehicle to drive themselves.
- The predicted size of the ride-hailing sector’s future value is over 14 times higher than car-sharing’s future value by the year 2030.
Ride Sharing And Taxi Revenue
(Reference: coolest-gadgets.com)
- In 2023, the ridesharing revenue industry surged in the United States.
- Ridesharing industry statistics show that Ride-hailing services alone accounted for about 47.95 billion U.S. dollars, and traditional taxi services approximately 23.83 billion U.S. dollars.
- These numbers show the power of both ride-hailing and taxi services in the U.S.; the popularity of ride-hailing services is, however, higher because of their easier access via mobile applications.
- Looking ahead to the year 2024, revenues in these segments are expected to grow mildly in the case of ride-hailing, which is hoped to grow up to 49.78 billion U.S. dollars, while taxi services are predicted to slightly decrease in revenue projected at 23.14 billion U.S. dollars.
- This small drop in the revenue from taxi services might signal the increasing popularity of app-based services that are not only easier to access but also require less strict fares and other factors compared to taxi services.
- The revenue disparity evidenced in the above segments reflects the impact of technology and changing consumer behavior on the transport sector in the U.S.
Ridesharing Industry Statistics By Region
United States
- The ridesharing market in the United States is expected to undergo astronomical changes, with the estimated revenue expected to reach 53.88 billion U.S. dollars by the year 2024.
- It is projected that there will be a compound annual growth rate (CAGR) of 2.37% between the years 2024 and 2029, leading to a market volume of 60.56 billion U.S. dollars by the year 2029.
- It is further estimated that the number of users will increase to 99.94 million by 2029, whilst the user penetration rate slightly grows from 26.7% in 2024 to 28.5% in 2029. The average revenue per user (ARPU) stands at $590.
- This specific market, which can only be accessed online, has enjoyed an increase in demand as people now prefer using private means of transport as opposed to public transport, which has made its business patronage out of bounds.
- The American Market is vast, but it is reported that China will dominate the market, with revenue estimates of 59.56 billion U.S. dollars for the year 2024.
United Kingdom
- On the same note, even the ride-hailing sector in the UK is set to register further growth as well. This is because, according to projections, its revenue will hit $4.79 billion by 2024.
- A compound annual growth rate (CAGR) of 5.40% from the years 2024 to 2029 is expected to grow the market volume to 6.23 billion dollars by the year 2029.
- The increasing number of users is expected to achieve 22.26 million by 2029, while the user penetration rate is also set to improve from 27.4% in the year 2024 to 32.3% in 2019.
- The average revenue earned from each user (ARPU) is expected to stand at $257.50.
- There is, however, no doubt that this is a 100% online business, and it is highly competitive because many international and local players are active in the market.
- It is the same case with China in terms of revenue market share, as it doesn’t disappoint.
France
- According to a ridesharing industry statistics report, ride-hailing services in France are anticipated to grow over the forthcoming years, notably by achieving market revenue of $1.65 billion in 2024 and a CAGR of 2.86% through 2029, culminating in an estimated market volume of US $ 1.90 billion by 2029.
- The number of users is expected to grow to 11.39 million by the year 2029, where the user penetration is forecast to stand at 15.9% in the year 2024 and 17.4% by the year 2029. ARPU is expected to be about $159.80.
- Although the growth of the market has been robust, conventional taxis, which are also beginning to provide some services over the Internet, remain the market leaders.
India
- The ride-hailing industry in India is growing, with an expected market size of $7.53 billion by the year 2024 and $11.64 billion by the year 2029, at a compound annual growth rate (CAGR) of 9.10%.
- As of 2029, the market is forecasted to have a total of 380.60 million users, with the user penetration rate increasing from 18.6% in 2024 to 25.3% in 2029.
- The average revenue per user for this market is expected at $28.09.
- The market, which is purely online in nature, is very free and competitive; not only does Uber dominate the global market, but local competitors like Ola also command a good share of the market.
Russia
- According to ridesharing industry statistics, Russia’s ride-hailing industry is likely to earn $5.39 billion by 2024, with an annual growth rate of 4.32% until 2029, when the revenue is expected to grow to $6.66 billion.
- The number of users in this market is expected to grow to 45.26 million by 2029, while user penetration is expected to grow from 28.4% in 2024 to 31.9% in 2029.
- ARPU is anticipated to be at $132. Yandex. Taxi is likely to dominate the Russian ride-hailing system. The global revenue leader remains China, where the revenue is expected to touch $59.56 billion by 2024.
Ridesharing Digital Service Apps
(Reference: statista.com)
- Ridesharing industry statistics state that approximately 1.69 billion users actively use an app to hail a taxi. This number exceeded 1.79 billion users in 2024 for worldwide digital taxi-hailing services.
- The user base continues to grow as a forecast is made about the coming years, after which it is predicted that almost 1.89 billion will be reached by 2025, 1.99 billion by 2026, 2.09 billion by 2027, 2.19 billion by 2028, and eventually 2.31 billion in 2029.
Leading Mobility Services
(Reference: statista.com)
- In 2023, Ridesharing Industry Statistics revealed that Uber, a mobility service that started in 2009 in San Francisco, was still the most Uberane mobility service in the United States, with an 89% awareness rate.
- Next in line of the services ranked by their brand recognition is Lyft (85%), Enterprise CarShare (64%), Zipcar (39%), Lime (37%), Turo (36%), Curb (29%), Limos.com (26%), Getaround (25%), GIG Car Share (25%), Free2Move (24%), Gett (24%), HyreCar (24%), Revel (24%), SIXT share (24%), Drivezy (23%), Hui (22).
(Reference: statista.com)
- In 2023, approximately two-thirds of ride-hailing drivers who operated in the US stated that violence was inflicted upon them in one way or another.
- Of these incidents, 52% included sustained verbal aggression, 40% had their cars vandalized, and 32% were subjected to racial, ethnic, or religious insults.
- In addition, 27% were harassed, 26% were threatened with actual violence, 14% were the target of offensive slurs based on gender, sexual orientation, or homophobia, 10% were mugged or had their cars stolen, 3% suffered sexual assault or rape, and 2% of them were either stabbed or shot.
(Source: enterpriseappstoday.com)
- Ridesharing industry statistics represent the number of rideshare sales per month per capita in the United States. It shows that in January 2022, Uber’s Average revenue per user (ARPU) was $72, and for Lyft it was $66.
- Five months later, in May 2022, there was a 14% improvement in Uber’s average sales from $72 per person to $110, which was recorded by May 2023. Lyft, on the other hand, experienced a growth in average sales by 19% within the same timeframe, recording an average of $95 by the end of May 2023.
Challenges And Opportunities
- In 2024, the industry is projected to experience a 10% decline in active drivers owing to increasing operating costs and regulatory pressures, which will affect the availability and waiting times.
- Countries worldwide are developing and enforcing even stricter regulations regarding the provision of ridesharing services, and they have already reported $2 billion in fines and penalties this year.
- Investments in the development of technology for self-driving cars are heavy, with possible rollouts within 5 years, which is by 2028. As what has been called the autonomous ridesharing system comes to pass, the cost of running the system will be reduced by 15-20%.
- Moreover, the prospects for the market are expected to be underpinned by further penetration into rural and suburban regions, as well as green strategies, for many years to come.
- Ridesharing is an integral part of the urban transport network, attracting people of all ages who prioritize comfort, safety, and eco-friendliness while traveling.
Conclusion
Ridesharing industry statistics for the year 2024 demonstrate that the vertical has proven resilient and has bright prospects ahead but for constraints like compliance with regulations and shortage of drivers. The ridesharing sector is bound to evolve further and serve the fast-urbanizing world thanks to technology improvement and management reorientation.
Sources
FAQ.
What is the predicted CAGR for the ridesharing market worldwide over the next five years?
The global market for ridesharing has a good prognosis over the next five years, where the market is expected to reach about 216 billion U.S. dollars by 2028, driven by enhanced consumer uptake, smartphone penetration, and urbanisation of the population.
How do people in the United States utilise ridesharing services when compared to traditional taxis?
Ridesharing services are widely used much more than the traditional taxis in the U.S. For instance, the revenue generated from ride-hailing services is estimated to be almost $47.95 billion as of the year 2023, in contrast to 23.83 billion dollars from taxis. The ease of accessing these services through mobile applications has been a game changer for many people who frequently use taxi services.
Which mobility services are best known in the United States, and what is its rank in terms of brand awareness?
Uber has the highest brand equity of any mobility service in the country, with brand awareness of 89% in 2023. Lyft also ranks at 85%, while others with a high degree are Enterprise CarShare, Zipcar, and Lime. Services with a high degree of awareness A graded.
What will be the percentage of ridesharing trips that will be pooled by the end of year 2024?
By the end of the year 2024, it is expected that a majority of 50% of the ridesharing trips will be pooled due to the companies encouraging the users to cut costs and ease congestion and the environment.
What types of violence have ridesharing drivers in the U.S. reported experiencing in 2023?
In 2023, around 67% of the drivers operating under rideshare services in the United States reported having been victims of violence. Most tended to verbal abuse (52%), damage done on vehicles (40%) and use of racial or ethnic slurs (32%), while other violent instances included theft (10%), sexual violence (3%) and assault (2%).
Saisuman Revankar
Saisuman is a professional content writer specializing in health, law, and space-related articles. Her experience includes designing featured articles for websites and newsletters, as well as conducting detailed research for medical professionals and researchers. Passionate about languages since childhood, Saisuman can read, write, and speak in five different languages. Her love for languages and reading inspired her to pursue a career in writing. Saisuman holds a Master's in Business Administration with a focus on Human Resources and has worked in a Human Resources firm for a year. She was previously associated with a French international company. In addition to writing, Saisuman enjoys traveling and singing classical songs in her leisure time.
